Vertu works to stand still

A mixed bag from Vertu Motors (VTU) at the half-year mark, although numbers from the car dealer were largely what analysts had expected. A resilient top line, up 8 per cent on a like-for-like basis, was set against a 30 basis point contraction in the group margin to 10.7 per cent. Management pointed to detrimental supply-side issues, including “depressed sterling levels weighing on the profitability of manufacturers supplying the UK market”, which continue to put new car margins under pressure, as well as operating expenses.